Comerica Bank's Michigan index dips again in March

Comerica Bank’s Michigan Economic Activity Index declined in March for the fifth straight month, falling 2.5 percentage points to a level of 120.9.

The reading is 49 points, or 68 percent, above the index cyclical low of 72.1 set in June 2009, but down from the 126 it averaged in 2013.

“Payroll employment in Michigan was little changed for the 12 months ending in March. This is worrisome because stalled payroll employment levels are most often followed by job losses,” said Robert Dye, the bank’s chief economist, in a news release.

“Even with expected gains in national auto sales into 2015, auto-related employment in Michigan may be topping out,” said Dye, who added that an expected increase in residential construction activity in the months ahead should boost the state’s economy.